Principal Investments or Credit Opportunities fund?
Hi everyone,
My background is M&A (2years) at elite boutique in London (think Moelis, Laz, PJT). I have now 2 opportunities:
1) join a Principal Investment team from a global asset manager (think Brookfield, PSP, CPPIB). Investments are done across the credit spectrum. They would for instance buy large chunks of NPLs from failing european banks, do some large ticket direct lending, or provide loans for sponsors. The approach is very much like private equity and the book in clearly illiquid and not traded on public credit markets. They work all the time with consultants and lawyers. I think there is a lot to learn but the hours are M&A-like.
2) join a Credit Opportunities team at a hedge fund (think KingStreet, citadel). They invest across the credit spectrum as well, but they mainly focus on liquid debt (senior to sub debt, HY corps and financials…) but also some distressed/ special sits or ABLs, although they won’t go for control or lead the restructuring process. Most of their portfolio is liquid and the due diligence on each investment is probably much lighter than the Principal Investment team above as they do not have to go through a risk committee approval process for each and every investment. The hours seem to be good.
I would like to do credit investments in the long term and I feel like both positions are interesting. Which one would you choose?
Base salaries are about the same. Both positions are in London. Any input much appreciated, thanks a lot.
vladdbrueg, sorry about the lack of response. Maybe one of these topics will help:
Hedge Fund Forum Resources
hedge-fund-salary-myth-or-reality">HF Bonus
Or maybe the following WSO members have something to say: Tallganesh @Snowman48" Fraga
Hope that helps.
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